Pearl Bank Apartments to launch fourth collective sale attempt at $728 mil
Pearl Bank Apartments is expected to be launched for collective sale in two weeks’ time. This will be its fourth attempt at a collective sale, and the reserve price will be $728 million. After factoring in a lease-top up premium of about $195 million for the site, this translates to a land cost of approximately $1,505 psf per plot ratio (ppr). The buyer will not need to pay development charges, says Colliers International, the marketing agent for Pearl Bank Apartments.
The Pearl Bank Apartments sit on a land area of 82,376 sq ft and has a gross plot ratio (GPR) of 7.2 under the URA Master Plan 2014. However, the site has an existing GPR of 7.4479. As such, subject to authorities’ approval, the site can be redeveloped into a new residential project with a total gross floor area of 613,530 sq ft. This translates to about 730 units assuming an average size of 800 sq ft for the new units in the private condo.
The existing Pearl Bank Apartments stands at 37 storeys high and contains a total of 280 apartments as well as eight commercial units. It has 52 years left on its 99-year lease.
Source: Colliers International
“We achieved the required signatures in under four months,” according to Alex Poh, chairman of the Pearl Bank Apartments collective sale committee. If the collective sale is successful, the apartment owners could potentially receive between $1.8 million and $4.9 million for units sized from 1,323 sq ft to 3,993 sq ft. Meanwhile, the commercial owners could receive $1.2 million to $6.9 million for units from 700 to 5,630 sq ft.
The collective sale tender for Pearl Bank Apartments is expected to close before the end of the year, according to Colliers.
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